February 2003
Intermediate to advanced
256 pages
6h 56m
English
Content preview from Expectations Investing
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ent value of incremental cash inflow is identical to the present value of
the cash outflow (investment), shareholder value doesn’t change.
When new investments yield a return below the cost of capital,
shareholder value decreases even as earnings increase. For example,
assume that EGI’s sales growth next year will be 20 percent with a $15
million investment. However, the pretax margin on incremental sales
will be 10 percent, rather than the 15 percent rate projected earlier. Here
is the revised income statement for next year and subsequent years:
($ in millions)
Sales $120
Operating expenses 103
Operating profit 17
Taxes (40%) 6.8
Earnings $ 10.2
While ear
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.